According to Journal Online, Elk Grove Village has scheduled a public hearing for 6pm on Tuesday February 11, 2014 to present the proposed tax increment financing (TIF) district in the village’s 60 million SF industrial park. Grants, low interest or no interest loans would be available to businesses through TIF revenue to update buildings with higher docks, reconfigured off-street loading and improved facades and fire suppression systems.

Unfortunately what is not being reported is that industrial properties located within the TIF district will be unable to receive a Cook County 6b tax reduction. The 6b is an important tool for industrial building owners in Elk Grove Village to maintain market value of their properties as they compete with lower property taxes in adjacent DuPage county.

In my opinion the 6b is a far better tool for owners to save on operating expenses that can be reinvested into their properties.

Village officials are expected to adopt the new TIF district at their Tuesday, February 25th meeting.

Published in the October 2013 issue of Chicago Industrial Properties, attorney Brian Liston discusses in his article “New 6b tax amendments proposed by Cook County” how new amended law now provides additional ways to receive the Cook County 6b tax benefit for industrial properties which reduces the property tax by 60% for the first 10 years of the incentive, 40% for the 11th year and 20% for the 12th year:

Temporary Emergency Economic Recovery Modification (TEERM) Program which revises the prior 2-year vacancy with the same title owner to only 1-year vacancy if it is not purchased for value by a third party.

Sustainable Emergency Relief (SER) Program for businesses operating in the same location for at least 10 years showing hardship.

Published in the October 28, 2013 issue of the Daily Herald Business Ledger, Adam Marshall describes how omnichannel retailing is evolving to quickly and cost effectively deliver products from manufacturer to consumer through multiple channels and how companies compete on the strength of their supply chain:

A record of decision has been approved by The Federal Highway Administration and Federal Aviation Administration for the Illinois Tollway Authority to build the Elgin O’Hare – West Bypass expressway: Feds OK Elgin-O’Hare extension, bypass toll road

Published in the July 2012 issue of Illinois Real Estate Journal, Adam Marshall discovers a new flooring system for distribution and manufacturing facilities that is gaining popularity in the Chicago area industrial market. Ductilcrete, a joint-less concrete, has received a great deal of positive feedback over the past few years for its high performance and low maintenance costs. Unique qualities like its superior abrasion and stain resistance and a 5-year warranty set it apart from standard concrete floors. Ductilcrete is a relatively new flooring option that has been incorporated into some warehouses over the past five years and is expected to become increasingly more common in industrial buildings as construction activity starts to pick up: